Yeap TW is crazy good. I transfer money to a IB, Australia and Thailand and they all reach within 4-6 hours.


Convert them to required currency.

Ohh...ist that consider convert 2 round adi? Frm myr to euro to required currency?

Mayb u shld try local bank straight to IB, i think not much extra

thanks Madman and Gwynbleidd for your prompt reply.

Ya i know we could not transfer USD straight via Instarem or Transferwise.
So wondering if i want to buy US stocks, which currently shall I transfer via Instarem or Transferwise? At the end, i still have to transfer via IBKR to USD right since i want to buy US stocks

And also thinking how come most forummers opened a SG account to trade as well.

If u base in msia and u need to trade usd through ibkr, i dont think u shld go through transferwise. Bcoz u need to pay 2times of the exchange rate, and also need to pay your euro bank receiver bank fee.

I transferred Euros straight to IB, not a receiver bank and no fees for receiving funds.

I transferred 30k MYR yesterday and after 2 transfers, Myr to Eur to USD, I was only off 40USD from google's spot rate.

I did that all in under 3mins and could trade in 4 hours. 830pm transfer out and 12.17am available for trade in IB and just in time to buy some dips last night.

Will the local banks do better than the above? I don't think so.

sell order below...select stop or stop-limit

sell order above...add bracket order, don't select profit target, select stop bracket...

Thanks boss

When u transfer euro frm msia bank tt into transferwise: u pay the exchange rate 1st time.

When transferwise received your euro, transferwise receiver bank will charge i think eur25 per transaction if not mistaken, b4 they deposit the balance into ur transferwise acc

Then frm transferwise to ibkr, in ibkr u exchange euro to usd: u pay exchange rate 2nd time.

That is what i mean

?

1. bank(myr) to transferwise(myr->eur) to ibkr(eur->usd)... 2 fees, 2 spot rates

2. bank(myr->eur) to ibkr(eur->usd)... 2 fees, 1 bank 1 spot rates

3. bank(myr->usd) to ibkr(usd)... 1 fee 1 bank rates (but limited banks)

in order of cheap... 1, 3, 2 for end usd

if not for usd, say sgd, hkd, eur, etc... then usually transferwise

you will always kena fees...it's total fee+rates which one cheaper or less hassle... different ppl needs (usd, sgd, hkd, eur) got different options

if its already for end usd, then why would any1 go for no.2??

If you use transferwise or instarem, no hidden cost. What you see in transferwise and instarem is the final amount you will receive. Why go 2 steps
1. IBKR does not allow USD transfer from fintech. They only allow it if you have a bank account in US.
2. When you transferred EUR to USD in IBKR, you are using spot rate. There's no markup rates. You pay only USD2.00

I don't think anyone does this. The whole point of Transferwise/InstaRem is to send MYR, NOT Euro via M'sian banks!

So, send MYR to Transferwise/InstaRem, and they do the conversion to whatever currency you want, and deposit the money to your desired destination.

There's no TW receives Euro, there's no €25 charge, and they don't deposit to your TW acc unless you asked them to.
The money goes straight to IBKR after conversion.

-------------------------

on a side note, I think you don't understand how FinTech like TW and IR work.
Unlike conventional banks, they don't really send the money over.
Instead, they've funds in multiple locations. Their branch in M'sia receives your money, and their branch in other countries will send some money to your recipients. In this way, there are just two local transfers, instead of an international transfer like Telegraphic Transfers.

Banks can't do this because they don't have branches all over the world, and they are usually quite independent.

Is it possible to use instarem/transferwise to transfer my MYR (convert into SGD) and goes straight into my IBKR account? I will deposit the SGD converted into IBKR's Singapore bank account.

Thanks for the info.

so what u saying is open a transferwise account, then use local bank to transfer MYR and keep it in the account. Then do a conversion to USD in account based on transferwise rate, then send it to IBKR?

Yes, no problem!

You MAY do this but none of us would do it this way. To keep money in transferwise is free, but when withdraw money from it, it costs money.
So, none of us does it this way.

Instead, what we are doing is, send MYR to Transferwise and let them convert AND deposit the money into IBKR.
So, we are NOT keeping money in TW account.

then when IBKR receives your money, either in EUR, SGD, HKD, you do the conversion manually on IBKR to USD.


No, IBKR doesn't accept USD from TW nor IR.

I sense that you're still quite confused. Maybe you can sign up for TW first since it's free, and have a look at the website what features are available.

Read slowly and re read what moosset have to say.
To summarise what he said
MY Bank -> Transferwise/Instarem (valid EUR, SGD, HKD,) -> IBKR EUR, SGD, HKD account. You will get either EUR, SGD, HKD (whichever currency you choose to put into IBKR when you transfer money using transferwise or instarem)

From the EUR, SGD, HKD you deposited into IBKR, you convert into USD on IBKR platform for USD. Reason is IBKR does not accept USD from 3rd party (fintech). They only accept USD from US banks in your name (if you Want to have USD)

IBKR exchange rate = real time = cheaper than any fintech. No hidden charges. Pay USD2.00 to exchange how much money you want.

This post has been edited by Ramjade: Apr 23 2020, 12:36 AM

no 2 and 3...one step less and/or for convenience...

ibkr WILL accept usd from local banks IF they send it...

ibkr WILL NOT accept usd from transferwise/instarem...

ibkr WILL accept other currencies from transferwise/instarem...ibkr deposit page list acceptable currencies

Thanks everyone. Got it!

Now the questions is, which one is better? Instarem vs transferwise Or there are other better alternatives?

Hope to learn more from the gurus here.

This post has been edited by TOS: Apr 23 2020, 08:59 AM

There's no better ones. I use all 4.
Bigpay - the slowest takes 1-2 days
Moneymatch
Instsrem
Transferwise

Depending which one is the cheapest at that time. I used it to transfer money to my SG bank account. Not IBKR.

This post has been edited by Ramjade: Apr 23 2020, 11:18 AM

bigpay n moneymatch for sending myr to own sg bank account right? not to ibkr... you best clarify...